Credit card interest rates double in Guatemala
The interest rates charged by credit card issuers has risen 15 points since last January.
Tuesday, November 18, 2008
According to statistics from the Banking Authority (SIB), the average interest rate in quetzales charged by credit card issuer banks has risen from 16.89% in January to 30.43% in October, and the rate for operations in US Dollars has gone from 17.08% to 26.39% in the same period.
The Superintendent of Banks in Guatemala reports that credit card debt is growing in the nation despite disturbing economic signals and now stands at 2.367 billion quetzals, or about 315 million dollars.
The President of the Central Bank of Honduras, Edwin Araque, has warned consumers that there will be increases in interest rates on credit cards.
A study by the Economy Ministry reveals significant differences in the interest rates charged by credit card issuers.
The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.
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